A rare bullish signal took place this week. The Golden Cross, as it’s commonly referred to, is a phenomenon that happened despite the price of Bitcoin dropping from $10,500 down to its current level at around $9,800. Historically, this has caused BTC to surge in value in the mid-term.
Bitcoin’s Most Recent Golden Cross
Bitcoin went on a downfall the past couple of days. Having reached $10,500, the price declined violently, losing as much as $1,000 in the following days. BTC found support in that area and recovered slightly as it currently trades at around $9,750.
However, despite the steep decline, a rare bullish signal flashed once again on the charts. Bitcoin’s 50-day moving average just crossed over its 200-day moving average.
This is a rare phenomenon that is commonly referred to as the “golden cross.” It’s a historically bullish pattern, and it takes into account two of the most commonly used moving averages. Read More